The product ‘Fly Ash Bricks’ manufactured and supplied by Dipakkumar Ramjibhai Patel (M/s. Mahalaxmi Cement products) are classifiable under Tariff item No.68159910 of the First Schedule to the Customs Tariff Act, 1975(51 of 1975)
17 GST Proposals on 01.02.2022 The Amendments carried out in the Finance Bill, 2022, vide clause 99 to 113 will come into effect from a date to be notified and clause 114 to 123 will come into effect on the date of its enactment. 1. Additional Condition for availment of ITC u/s 16(2)- ITC can […]
Table Showing Annual Filings to ROC with Details of the Form, Applicability Sections, Due Date and Type of Companies SI. No. Name of the Form Detail of Form Due Date Section Applicable Applicability 1 AOC4 / AOC-4 CFS / AOC-4 CFS XBRL / AOC-4 XBR L/ AOC-NBFC / AOCF -4 CFS NBFC Financial Statements And […]
Tax Compliance and Statutory due dates for February, 2022 Starting, owning, or doing a business in India comes with important compliance that a business irrespective of its structure, has to adhere to during a financial year. Be it filing of Income Tax Return or GST Return or complying with the ROC Annual filing, a business […]
Budget 2022 Highlights on Direct Tax: 30 Key Take Aways on Income Tax Proposals 1. Belated Return Term Re-introduced As Updated Tax Return: A new sub-section (8A) in section 139 is proposed to be introduced to provide for furnishing of updated return under the new provisions. an updated return of his income or the income […]
BUDGET HIGHLIGHTS: – ‘This budget will provide impetus for growth‘ FM Sitharaman -Corporate surcharge to be reduced from 12% to 7% -Spectrum auction to be conducted for 5G rollout within 2022-23 -GST collections for January 2022 highest ever at Rs 1,40,000 crore -Both Centre and States govt employees’ tax deduction limit to be increased from […]
The above prestigious document is available online with 442 pages, 11 chapters, and ending with Tracking Development through Satellite Images and Cartography. Many interesting & scintillating facts are collected in this article with an appeal to request the readers to read the full document to have a feel-good attitude to face the uncertain economic world. […]
Budget updates – Direct Tax 1. Provision for filing ‘Updated Income Tax returns’ within 2 years from end of relevant AY. 2. Reduced AMT rates for Co-operatives from 18.5% to 15%. 3. Reduced surcharge for Co-operatives with total income of 1cr to 10Cr 4. Tax relief for persons with disability: Allow annuity payment to differently […]
The Companies in India requires to prepare their financial statements in form of Schedule III to the Companies Act, 2013. Schedule III of Companies Act, 2013 came into force with effect from the 1st April, 2014 vide Notification S.O.902(E), dated 26th March 2014 and subsequently amended vide Notification G.S.R. 679(E), dated 4th September 2015, vide […]
There are very few eligible startups which are allowed to claim deduction under section 80IAC by ministry. Hence the startup must use this tax exemption wisely. Before filling Income Tax return (ITR) and claiming deduction under section 80IAC, the startup must keep following points in mind. Otherwise, it may result in disallowance of deduction and increase […]
